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Why Californians Have Some of the Highest Power Bills in the U.S. (WSJ)

Utilities are investing billions to upgrade infrastructure and build out green energy, passing budget-breaking costs to households; trying to keep the chocolate from melting

BORREGO SPRINGS, Calif.—California is doing all it can to expand renewable energy production and rebuild its electrical infrastructure after flaws led to a series of devastating wildfires. 

The state’s big utilities are spending billions to bury power lines and insulate wires, while at the same time moving quickly away from fossil fuels by building big solar and wind farms and transmission lines to carry the power. 

As a result, resident Jessica Simpson Nehrer, who lives in Borrego Springs, near San Diego, has seen her electricity bill for her ranch-style house soar. It hit $1,873.90 in June, far exceeding her $1,200 rent and around double what it was two summers ago. 

https://www.wsj.com/business/energy-oil/why-californians-have-some-of-the-highest-power-bills-in-the-u-s-a831b60e?st=dffqel35pudxsh2&reflink=article_email_share

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BlackRock Support for Climate, Social Proposals Hits New Low (FundFire)

The firm’s backing for such shareholder proposals plummeted from a high of 47% in 2021 to 4% over the twelve months ending in June amid a political backlash.

BlackRock has drastically cut back its support for proposals put forth by shareholders on environmental and social issues, the Financial Times reports.

The world’s largest asset manager backed just 4%, or 20 of the 493 environmental proposals put forward by shareholders in the twelve months ending in June. That compares to the firm’s peak support of 47% of ESG proposals in 2021, the FT reported, citing an annual stewardship report BlackRock released Wednesday.

https://www.fundfire.com/c/4602324/609264/blackrock_support_climate_social_proposals_hits?referrer_module=emailMorningNews&module_order=1&code=WTIxbGNtdGxja0J5ZDJKaGFYSmtMbU52YlN3Z05UYzNPREU0TXl3Z01UWTFNamMzTmprMk53PT0

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Racked by Extreme Heat, One Worker Died on the Job. His Story Is a Warning. (WSJ)

Justin “Cory” Foster, a lineman who often traveled to storm-ravaged communities to help restore electricity, was used to working in searing summer weather as he perched atop utility poles to install wires. But as the heat index climbed to 113 degrees Fahrenheit on a job in Marshall, Texas, last year, the temperature baked his body.

https://www.wsj.com/us-news/climate-environment/racked-by-extreme-heat-one-worker-died-on-the-job-his-story-is-a-warning-9fa063c6?st=zzchy9ikqbvb1xb&reflink=article_email_share

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Wildfire intensity rises across northern hemisphere (FT)

Wildfires burning across the northern hemisphere in parts of Canada, Russia and the US since the start of the summer have led to a surge in carbon dioxide emissions and smoke trail as their intensity rises. Scientists at international agencies have been tracking emissions and monitoring a significant increase in daily total fire radiative power, which indicates the intensity of the fires. Western Canada is enduring an “extreme fire year”, said the Copernicus Atmosphere Monitoring Service (Cams), with estimated emissions at levels comparable with the previous highest years of the past two decades, only surpassed by the record set in 2023.

https://www.ft.com/content/8a63bec7-048c-40fb-b3ae-717419f4469f

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World in line for hottest year as 1.5C limit breached for 12 months in a row (FT)

https://www.ft.com/content/31e565e9-e08a-42c7-90e6-6ccdc3dc47e0?accessToken=zwAGHTUyZgV4kc8x5WXp4IpCx9OQ5mzNw9xH4A.MEUCIQDctUhqPmb5ft3WHrHXUr8lHUma0wdneqi299PDUF_lsQIgIjMt2DyZ7FRkGKof22vitPPsxF9v8FwdNFnaWycnCE4&sharetype=gift&token=1384e775-fdec-40ff-a39a-e3653470343a

Scientists said that this year was on track to become the warmest on record as the global surface air temperatures breached the threshold of 1.5C for each of the past 12 months and seas had reached their warmest for 15 months in a row.

June was the 13th consecutive month to be the hottest on the books, the Copernicus Climate Change Service said. At a surface air temperature of 16.66C, this was 0.14C above the previous June high set last year.

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Microsoft invests in AI in Wisconsin and adds supplier climate requirement

Microsoft announces $3.3 billion investment in Wisconsin to spur artificial intelligence innovation and economic growth

https://news.microsoft.com/2024/05/08/microsoft-announces-3-3-billion-investment-in-wisconsin-to-spur-artificial-intelligence-innovation-and-economic-growth

Microsoft announced a broad investment package designed to strengthen the role of Southeast Wisconsin as a hub for AI-powered economic activity, innovation, and job creation. These investments include $3.3B in cloud computing and AI infrastructure, the creation of the country’s first manufacturing-focused AI co-innovation lab, and an AI skilling initiative to equip more than 100,000 of the state’s residents with essential AI skills.

“Wisconsin has a rich and storied legacy of innovation and ingenuity in manufacturing,” said Brad Smith, Vice Chair and President of Microsoft. “We will use the power of AI to help advance the next generation of manufacturing companies, skills and jobs in Wisconsin and across the country. This is what a big company can do to build a strong foundation for every medium, small and start-up company and non-profit everywhere.”

Tech giant reports 30% rise in emissions and says biggest challenge in meeting its own climate goals is reducing carbon footprint of supply chain

https://www.wsj.com/articles/microsoft-imposes-new-climate-requirement-on-suppliers-in-effort-to-lower-its-emissions-32169953?mod=djemSustainableBusinessPro

Microsoft will ask its main suppliers to use 100% renewable energy by the end of the decade, as it reported a 30% rise in emissions and acknowledged that its biggest challenge in meeting its climate goals comes from the construction of new AI infrastructure and tackling emissions from its supply chain.

Chief Sustainability Officer Melanie Nakagawa said the company will require “select scale, high-volume suppliers to use 100% carbon-free electricity by 2030” for goods and services delivered to Microsoft. The tech heavyweight said the requirements will be rolled out at the start of the 2025 fiscal year as part of an overall update to the company’s Supplier Code of Conduct.

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Dan Romito asks the tough questions on ESG regulation and the future of the energy transition.

Marquette S-Lab Co-Director and Head of ESG Consulting at Pickering Energy Partners recently presented at the Marquette graduate level Sustainable Finance class. Romito walked the class through the most pressing questions on ESG regulation and its impact on the energy transition.

https://marquette.hosted.panopto.com/Panopto/Pages/Viewer.aspx?id=cc058228-463e-45ab-ba23-b15c0108bbab

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Canada Had Designs on Being a Hydro Superpower. Now Its Rivers and Lakes Are Drying Up. (WSJ)

The Canadian province of Quebec has big plans of becoming the “battery of the U.S. northeast” by feeding power generated from its dams and other hydro plants to millions of people in Vermont, Massachusetts and New York state. But dry conditions that have affected energy output worldwide are forcing one of the world’s largest hydropower producers to cut exports. 

“There wasn’t enough snow or rain in the regions where we needed it,” said Michael Sabia, chief executive of Hydro‑Québec, the provincial utility. “We can’t make it rain, as much as we’d like to.”

https://www.wsj.com/us-news/climate-environment/canada-had-designs-on-being-a-hydro-superpower-now-its-rivers-and-lakes-are-drying-up-928ef721?st=13m8s621mq6pgt9&reflink=article_email_share

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Cold Weather Businesses Suffer in the Winter That Wasn’t (WSJ)

https://www.wsj.com/us-news/climate-environment/cold-weather-businesses-suffer-in-the-winter-that-wasnt-a59ac42b?mod=djemclimate

MINNEAPOLIS—On a 60-degree day here in early March, Derek Hughes and his son, Dylan, tried out their cross-country skis on artificial snow that had melted into a slushy mess.

“It feels like the cross-country equivalent of water skiing,” said Hughes, 42 years old, as his 8-year-old son—skiing for only the third time all winter—looked up with a smile. 

This is the winter that wasn’t in Minnesota and other states across America’s normally frozen northern tier. Record warm temperatures and low snowfall have forced the cancellation of everything from ice fishing tournaments to dog sled races to winter carnivals. Business has dried up for ski resorts, snowmobile makers and any other venture that relies on cold weather and white powder to make a living.

The Loppet Foundation, the nonprofit that oversees winter recreation in the park where the Derek Hughes and his son were trying to ski, has seen a 60% drop in revenue compared with last winter, said executive director Claire Wilson. 

“Winter is our bread and butter,” she said. “We can’t have another year like this.”